Photo credit: Zimbabwe govt. shuts down stock exchange to ‘stabilise currency’ Photo source: Reuters
Zimbabwe’s govt. suspended stock market trading on Monday and also forced mobile money transfer platforms to temporarily halt business as authorities tried to guard the country’s currency. The Information Ministry announced in a surprise statement late Friday, the immediate suspension of trade on the Zimbabwe stock exchange(ZSE) and transfers on mobile money platforms that are key to the retail trade.
Nick Mangwana, secretary of Information Ministry Blamed online transfer platforms for causing a slit between the market rate of exchange for the dollar and thus the official rate of exchange. Stockbrokers in Zimbabwe are struggling to elucidate to investors what went on to their money after the government packed up the stock market. It says it’s taken the step to stabilise the nation’s currency.
Data source: Information Ministry Report
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